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3. Identify the incorrect statement. (1) Where payments made to the employer are greater than the amount paid for personal car usage - excess amount is assessed on the employee as a benefit (ii) Where the payment to the employee is less than the amount paid for company car usage- difference is allowable deduction from employee's employment income A. Only (1) B. Only (ii) C. Both (i) and (ii) D. Both (i) and (ii) are correct

3. Identify the incorrect statement. (1) Where payments made to the employer are greater than the amount paid for personal car usage - excess amount is assessed on the employee as a benefit (ii) Where the payment to the employee is less than the amount paid for company car usage- difference is allowable deduction from employee's employment income A. Only (1) B. Only (ii) C. Both (i) and (ii) D. Both (i) and (ii) are correct

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Identify the incorrect statement. (i) Where payments made to the employer are greater than the amount paid for personal car usage - excess amount is assessed on the employee as a benefit (ii) Where the payment to the employee is less than the amount paid for company car usage- difference is allowable deduction from employee's employment income A. Only (1) B. Only (ii) C. Both (i) and (ii) D. Both (i) and (ii) are correct
Transcribed Image Text:3. Identify the incorrect statement. (i) Where payments made to the employer are greater than the amount paid for personal car usage - excess amount is assessed on the employee as a benefit (ii) Where the payment to the employee is less than the amount paid for company car usage- difference is allowable deduction from employee's employment income A. Only (1) B. Only (ii) C. Both (i) and (ii) D. Both (i) and (ii) are correct
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